2017-21 help to buy scheme - megathread. All help to buy discussion here please

cant26 · 25-07-2020 2:24pm

awec wrote: »

The whole point of the scheme is to increase the supply of housing. Giving lump sums of taxpayer money to existing home owners is not going to do that.

don’t see anywhere on the Revenue website that ‘the whole point’ is to increase supply. It does state however that it is an incentive for first time buyers to help obtain their deposit.

Graham · 25-07-2020 2:25pm

Read through the bits not on the revenue website which lead to the introduction of the incentive in the first place.

The Wordress · 25-07-2020 2:27pm

awec wrote: »

The whole point of the scheme is to increase the supply of housing. Giving lump sums of taxpayer money to existing home owners is not going to do that.

I heard Leo speak about this scheme yesterday and basically he said that this scheme is to help people get on the housing ladder and to increase home ownership. 2nd hand homes should fall under this umbrella too.

cant26 · 25-07-2020 2:28pm

Graham wrote: »

Read through the bits not on the revenue website which lead to the introduction of the incentive in the first place.

I’ve read them. Can you honestly say that by increasing the HTB for 4 months is going to magically increase supply? Of course it’s not. It will increase the cost of certain new builds.

Graham · 25-07-2020 2:40pm

I've already stated, if it keeps supply at previous levels that will be a pretty good result.

scoopmine · 25-07-2020 4:37pm

Hi Guys

Myself and my partner have got approval in principal, deposit on a house and all documents and got the help to buy 5% with revenue. Waiting to hear from AIB about the next step. Could we reapply and get the 10% HTB. No contracts have been signed.

Cantstandsya · 25-07-2020 7:29pm

The Wordress wrote: »

I really wish they had extended this scheme to 2nd hand houses for 1st time buyers. Where I live, there are very few new housing estates coming to market. The ones that are, are in poor locations and have crap finishes. I would prefer to buy a 2nd hand house in a good location that needs a bit of work.

And this is why FF can get back into power after destroying the country.

ParkyJiSung · 26-07-2020 11:52am

scoopmine wrote: »

Hi Guys

Myself and my partner have got approval in principal, deposit on a house and all documents and got the help to buy 5% with revenue. Waiting to hear from AIB about the next step. Could we reapply and get the 10% HTB. No contracts have been signed.

Same situation as ourselves. Been told to wait till next week when revenue clarify- they are expecting that qssessment will be done automatically for approved applications and figure updated. Fingers crossed its that easy anyway

Paremon · 26-07-2020 3:54pm

Is there a way to see on ros.ie myaccount or anywhere else if the developer has drawn down the HTB refund or not yet? Or is it only the developer's solicitors who could confirm this?

Rock77 · 27-07-2020 11:43am

Paremon wrote: »

Is there a way to see on ros.ie myaccount or anywhere else if the developer has drawn down the HTB refund or not yet? Or is it only the developer's solicitors who could confirm this?

Not sure but it doesn’t look like there is....

Rock77 · 27-07-2020 11:46am

So has anyone been able to figure out when the developer draws down the help to buy money?

We’ve just been informed our house won’t be built until next year! We were told September 2020!

Can’t believe it...

So does the developer draw down that money when we sign contracts next week and we pay him the balance of the deposit??

Duke of Url · 27-07-2020 12:06pm

Rock77 wrote: »

So has anyone been able to figure out when the developer draws down the help to buy money?

We’ve just been informed our house won’t be built until next year! We were told September 2020!

Can’t believe it...

So does the developer draw down that money when we sign contracts next week and we pay him the balance of the deposit??

Developer can only drawdown the HTB after contracts are signed.

You can only submit the HTB Claim by attaching signed contracts.

I think you have only got HTB Approval and not at Claim stage.

awec · 27-07-2020 12:08pm

Rock77 wrote: »

So has anyone been able to figure out when the developer draws down the help to buy money?

We’ve just been informed our house won’t be built until next year! We were told September 2020!

Can’t believe it...

So does the developer draw down that money when we sign contracts next week and we pay him the balance of the deposit??

Sites were closed for a long time and they can't bring in extra manpower to catch up. Add in that social distancing is definitely going to slow everything down, so everyone's house is going to be delayed at the moment.

They'll draw it down at some stage after you sign contracts yes.

Rock77 · 27-07-2020 12:56pm

Cheers for the replies..

Ah yeah I’ve no issue waiting until next year to move..

I just wasn’t sure if the help to buy would be no good to me because it finishes at the end of this year I read somewhere...

So once we sign the contracts we will be entitled to the help to buy, even if we don’t drawdown the mortgage until next year.. great!

HarryStuby · 27-07-2020 1:17pm

Hi guys

Quick question re qualifying for first time buyers.

My parents bought myself and my sister an apartment 10 years ago under both our names and mortgage free....Will I qualify for first time buyers allowance?

Graham · 27-07-2020 1:23pm

From the HTB information:

To qualify, you must not have previously bought or built a house or apartment, either on your own or jointly with any other person. If you are buying or building the new property with other people, they must also be first-time buyers. If you have inherited or been gifted a property it will not affect your eligibility.

Who can claim the Help to Buy (HTB) incentive?

To my surprise it looks like you may be eligible as you were previously gifted a property.

dalex15 · 27-07-2020 1:33pm

Hi guys,

We have just received contracts the day this temporary increase have been published.
Did anyone hear back from revenue with updates on this?
I believe the scheme will be for contracts signed after 23rd of July, irrespective of when it was applied for.

Although, people calling for the scheme to be scrapped all together, can't really see it happen.

Duke of Url · 27-07-2020 2:09pm

dalex15 wrote: »

Hi guys,

I believe the scheme will be for contracts signed after 23rd of July, irrespective of when it was applied for.

Has anyone actually Clarified this? I have only heard peoples opinions but nothing from Revenue.

Conrad83 · 27-07-2020 2:10pm

dalex15 wrote: »

Hi guys,

We have just received contracts the day this temporary increase have been published.
Did anyone hear back from revenue with updates on this?
I believe the scheme will be for contracts signed after 23rd of July, irrespective of when it was applied for.

Although, people calling for the scheme to be scrapped all together, can't really see it happen.

We are the exact same! Our solicitor has just told us to sign and drop them back into her and she will hang onto our contracts and not send them to builder until we know more re HTB. Hopefully more will be known this week.

Dublinandy3 · 27-07-2020 2:23pm

Hi all, if the HTB has increased to 10% and you only need 10% for a deposit for a first time buyer does the HTB pays for the full deposit excluding any fees etc? Provided the mortgage is ok’d by the bank

islander35 · 27-07-2020 2:37pm

Conrad83 wrote: »

We are the exact same! Our solicitor has just told us to sign and drop them back into her and she will hang onto our contracts and not send them to builder until we know more re HTB. Hopefully more will be known this week.

My solicitor advised the same today. Hopefully they will just add the extra allowance to our existing code.

Conrad83 · 27-07-2020 2:40pm

islander35 wrote: »

My solicitor advised the same today. Hopefully they will just add the extra allowance to our existing code.

I'm not sure why the solicitor couldnt send the signed contracts to the builder yet. As they have to sign and send back to us before we upload to revenue and then they release funds to builder. By that stage I would hope we have an update on the HTB. Suppose just safer to wait and see what happens this week!

islander35 · 27-07-2020 2:42pm

Conrad83 wrote: »

I'm not sure why the solicitor couldnt send the signed contracts to the builder yet. As they have to sign and send back to us before we upload to revenue and then they release funds to builder. By that stage I would hope we have an update on the HTB. Suppose just safer to wait and see what happens this week!

I’m willing to wait a few days rather than risk losing out on the 10k which will be a great help as a single first time buyer.

Smouse156 · 27-07-2020 2:44pm

Hey, sorry if this is an obvious question but I know help to buy relates to tax paid over previous 4 years. I’ve been abroad last few years and if I buy next year, my only eligible year is 2020 to claim. Can I claim the full €20k/€30k based on one years income tax even if the previous 3 years were zero?

awec · 27-07-2020 2:46pm

Smouse156 wrote: »

Hey, sorry if this is an obvious question but I know help to buy relates to tax paid over previous 4 years. I’ve been abroad last few years and if I buy next year, my only eligible year is 2020 to claim. Can I claim the full €20k/€30k based on one years income tax even if the previous 3 years were zero?

Yea.

Paremon2 · 27-07-2020 2:49pm

Duke of Url wrote: »

Has anyone actually Clarified this? I have only heard peoples opinions but nothing from Revenue.

https://www.gov.ie/en/publication/f73cc-finance-bill-2020/
Financial Provisions (Covid-19) (No. 2) Bill 2020

Amendment of section 477C of Act of 1997
8. The Act of 1997 is amended in section 477C by inserting the following subsection after
subsection (5):
“(5A) Where an individual has, in that part of the qualifying period
beginning on 23 July 2020 and ending on 31 December 2020, either—
(a) entered into a contract with a qualifying contractor for the purchase
by that individual of a qualifying residence, that is not a self-build
qualifying residence, or
(b) drawn down the first tranche of a qualifying loan in respect of that
individual’s self-build qualifying residence,
paragraph (a) of subsection (5) shall apply subject to the following
modifications:
(i) in subparagraph (i) of that paragraph, ‘€30,000’ shall be substituted
for ‘€20,000’;
(ii) in subparagraph (iii) of that paragraph, ‘10 per cent’ shall be
substituted for ‘5 per cent’.”.

The Bill will be debated in Dail Eireann on Wednesday & in the Seanad on Thursday.
Ref: https://www.oireachtas.ie/en/bills/
https://www.oireachtas.ie/en/bills/bill/2020/19/
Revenue.ie will then be updated to reflect the outcome.

Housing Minister Darragh O'Brien has advised on Newstalk yesterday that he is looking into whether existing HTB applicants who have signed contracts pre 23rd July, claimed HTB but not yet drawn down the mortgage will be eligbile or not & expects to have more info today.
Ref https://twitter.com/gavreilly/status/1287402197626621958

Jen Pigs Fly · 27-07-2020 3:05pm

Smouse156 wrote: »

Hey, sorry if this is an obvious question but I know help to buy relates to tax paid over previous 4 years. I’ve been abroad last few years and if I buy next year, my only eligible year is 2020 to claim. Can I claim the full €20k/€30k based on one years income tax even if the previous 3 years were zero?

You can claim against 2020 only, however it’s tax restricted. For example if you qualify for the full €30k but only have paid €10k tax, the rebate is €10k.

Also if you owe money to revenue you need to pay that back first.

kcv_dcm · 27-07-2020 3:28pm

8-10 wrote: »

Help to Buy application still says max relief is 20,000 before you submit it....

Is there legislation needed before this takes effect or is it just Revenue been caught on the hop and not updated yet (which is fair as there's been barely any working hours since it was announced)

I have been informed by the Revenue that as on date they have no information about the new changes to HTB. They said first the entire July Stimulus plan has to be passed in the Oireachtas after which details of the plan will be sent to the relevant departments. Until then the Revenue has no further information.

This is what the Revenue told me !

Bob2019 · 27-07-2020 3:35pm

Signed our contracts 3 weeks ago, but yet to draw down mortgage. House is now fully completed and snag’s fixed. Called our solicitor to see if there was anyway we could nullify our contract and resign with the builder. He said no hope as the contract is uploaded to revenue at this stage. Anyone Look into anything similar or any other method of availing of the 10%?

mickey15ie · 27-07-2020 3:44pm

Afternoon All,

I am currently in the middle of a self build.

I returned to Ireland in June 19, my partner and I both worked in the UK for 10 years.

We have both been in employment since June 2019.

Will we be able to came an element of the first time buyers/help to buy scheme?

2017-21 help to buy scheme - megathread. All help to buy discussion here please

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